December Corporate Presentation
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1 December 2014 Corporate Presentation
2 Disclaimer The information contained in this presentation may include statements which constitute forward-looking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve a certain degree of risk and uncertainty with respect to business, financial, trend, strategy and other forecasts, and are based on assumptions, data or methods that, although considered reasonable by the company at the time, may turn out to be incorrect or imprecise, or may not be possible to realize. The company gives no assurance that expectations disclosed in this presentation will be confirmed. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements, due to a variety of factors, including, but not limited to, the risks of international business and other risks referred to in the company s filings with the CVM and SEC. The company does not undertake, and specifically disclaims any obligation to update any forward-looking statements, which speak only for the date on which they are made.
3 The Company
4 Shareholder Structure Votorantim Industrial S.A. (1) 29.42% BNDES Participações (1) 30.38% Free Float (2) 40.20% Fiscal Council General Meeting Board of Directors 20% independent members Role of CEO and chairman is split Finance Committee Statutory Audit Committee Personnel and Remuneration Committee Sustainability Committee Innovation Committee 30% independent members 100% independent members 50% independent members 45% independent members - Listed on Novo Mercado, highest CG level at BM&FBovespa: Only 1 class of shares 100% voting rights 100% tag along rights (Brazilian corporate law establishes 80%) Board of Directors with minimum 20% independent members Financial Statements in International Standards IFRS Adoption of Arbitration Chamber SEC Registered ADR Level III program (1) Controlling group (2) Free Float 40.14% + Treasury 0.06% Policies approved by the Board of Directors: Indebtedness and Liquidity Market Risk Management Risk Management Corporate Governance Related Parties Transactions Anti-Corruption Information Disclosure Securities Trading
5 A Winning Player Superior Asset Combination Main Figures 3Q14 LTM Pulp capacity million tons 5,300 Net revenues R$ billion 7.0 Total Forest Base (1) thousand hectares 970 Três Lagoas Belmonte Veracel Caravelas Portocel Aracruz Jacareí Santos Planted area (1) thousand hectares 562 Net Debt R$ billion 7.3 Net Debt/EBITDA (in Dollars) (2) X 2.5 Net Debt/EBITDA (in Reais) X 2.7 Port Terminal Pulp Unit Source: Fibria (1) Including 50% of Veracel, excluding forest partnership areas and excluding the forest base linked to the sale of forest assets in Southern Bahia State and Losango. (2) For covenants purposes, the Net Debt/EBITDA ratio is calculated in Dollars.
6 Fibria s Units Industrial Capacity Três Lagoas Mato Grosso do Sul 1,300 thousand t/year Jacareí São Paulo 1,100 thousand t/year Aracruz Espírito Santo 2,340 thousand t/year Veracel Bahia 560 thousand t/year * * Veracel is a joint venture between Fibria (50%) and Stora Enso (50%) and the total capacity is 1,120 thousand ton/year
7 Fibria s Strategy
8 Leadership Position Industry Outlook (1) Market Pulp Capacity Ranking 2014 (2) (000t) Recycled Fiber 234 million t Fiber Consumption 403 million t 58% 42% Mechanical 31 million t Pulp 169 million t 18% 82% 60% Integrated Mills 84 million t Chemical 139 million t Softwood/Other 27 million t 40% Market Pulp 55 million t 49% 51% Acacia/Other 10 million t Hardwood 28 million t 35% 65% Eucalyptus 18 million t Fibria APRIL Arauco Suzano Georgia Pacific CMPC UPM-Kymmene Stora Enso Paper Excellence Metsa Group Weyerhaeuser IP Ilim Sodra Mercer Domtar Resolute Eldorado ENCE Canfor 5,300 Bleached Softwood Kraft Pulp (BSKP) Bleached Hardwood Kraft Pulp (BHKP) Unbleached Kraft Pulp (UKP) Mechanical 71% Other Eucalyptus Pulp producers: 13 million t 29% (1) Fiber Consumption, Recycled Fiber and Pulp: RISI Market Pulp, Hardwood and Eucalyptus: PPPC Special Research Note - November 2013 (2) Hawkins Wright Outlook for Market Pulp, August 2014
9 Fibria s Commercial Strategy Differentiation: Customized pulp products to specific paper grades Sole supplier to key customers Long term contracts Competitive logistics set up Tissue 51% Fibria s Pulp End Use Printing & Writing 30% Speciatilies 19% 25% N.America Miami Lustenau 40% Europe 26% Asia Hong Kong 9% L.America São Paulo Fibria s Sales Distribution Fibria s Offices Source: Fibria 3Q14 LTM
10 10 Door to Door Operations Pulp mill Outbound Logistics Forest Integrated logistics solutions Low forest to mill average distance Easy access to the most efficient transportation network: rail, barging and road Efficient Logistics Setup Portocel: specialized port for the pulp and paper industry Client Port Sea Freight
11 Pulp and Paper Market
12 Paper Consumption CAGR Developed Markets: + 1.7% Emerging Markets : + 6.0% 117,611 CAGR Developed Markets: - 4.0% Emerging Markets : + 4.1% 114,507 85,291 P&W Consumption (000 tons) (1) Developed Markets Emerging Markets CAGR Developed Markets: + 2.4% Emerging Markets : + 6.9% CAGR Developed Markets: + 1.4% Emerging Markets : + 6.7% 37,474 26,877 15,548 Tissue Consumption (000 tons) (1) Developed Markets Emerging Markets (1) Source: RISI
13 Global Market Pulp Demand Hardwood demand will continue to increase at faster pace than Softwood Hardwood (BHKP) vs. Softwood (BSKP) (000 ton) Demand growth rate CAGR: Hardwood: +2.8% Softwood: +0.7% Million tons Growth Growth Hardwood % 34% Eucalyptus % 63% Softwood % 15% Hardwood Softwood Market Pulp Source: PPPC
14 BHKP prices - CIF Europe (US$/ton) Capacity (000 ton) 14 Gross capacity addition should not be counted as the only factor influencing pulp price volatility. (1) List Price bottoming at US$650/t in 2011 and US$724/t in APP South Sumatra (2) 2, , APP Hainan Fray Bentos Mucuri Veracel Nueva Aldea Três Lagoas Rizhao Eldorado Maranhão Montes del Plata Guaíba II Klabin 1,6 1,4 1,2 1, Valdivia Santa Fé Kerinci PL3 APP Guangxi Chenming Zhanjiang 0,8 0, , , ,0 (1) Source: Hawkins Wright, Poyry and Fibria Analysis. Pulp price estimates according to Hawkins Wright (Sep/14), Brian McClay (Nov/14) and RISI (Nov/14) (2) Partially integrated production
15 15 Capacity closures DO happen Closures of Hardwood Capacity Worldwide (000 ton) ,260-1,180-1, E as of Oct14 Source: PPPC and Fibria
16 16 Total delivered cash cost will also have an influence on bottom prices Total Cash Cost of BHKP delivered to Europe (US$/t) Capacity (k tons): 1, ,570 1,045 2, , ,010 3,950 7,450 5,300 = 31,385 Interest 3Q14 net price: US$ 554/t Interest Capex Income Tax SG&A Positive Working Capital: US$5/t Custo Caixa (US$/t) Entrega (US$/t) Source: Hawkins Wright (Outlook for Market Pulp, September 2014) Fibria s 3Q14 considering a FX of R$/US$2.27. Gray bar includes cash expenses as Interest, CAPEX, SG&A and Taxes (Source: RISI and Fibria).
17 Tissue Market Per Capita Consumption of Tissue by Region, 2013 (1) World Tissue Consumption, (1) N. America 15 West Europe 15 Kg/capita 12 Japan Oceania East Europe 7 6 Growth Potential 5 LatAm China Africa LTM Growth of +4.2% Million tons N.America W.Europe E.Europe L.America Middle East Japan China Asia FE Oceania Africa (1) Source: RISI
18 Pulp Projects Backlog Even though there is an extensive pulp projects backlog, there are important question marks regarding new projects Main Questions About Capacity Minimum required return for new projects Closures due to increasing costs worldwide, reduction of maintenance capex (higher technical age of recovery boilers) and exchange rates Fiber substitution: Softwood x Hardwood and Recycled x Virgin Fiber Main Projects Project Country Capacity Timing Status CMPC Guaíba II Brazil 1.3 Mt 2Q2015 Confirmed Klabin Paraná Brazil 1.5 Mt* 2Q2016 Confirmed APP South Sumatra Indonesia 1.5 Mt 2.0 Mt 4Q2016 Confirmed Fibria Três Lagoas II Brazil 1.75 Mt - Unconfirmed * 1.1 million tonnes of hardwood and 400 thousand tonnes of softwood
19 Financial Highlights
20 20 3Q14 Results Pulp Production and Sales ( 000 t) Net Revenue (R$ million) Q13 2Q14 3Q14 Production Sales Cash Production Cost (R$/t) 3Q13 2Q14 3Q14 EBITDA (R$ million) and EBITDA Margin (%) % % 35% Q13 2Q14 3Q14 Cash cost ex-scheduled downtimes Cash cost 3Q13 2Q14 3Q14
21 21 Indebtedness Debt (US$ million) x Leverage (US$) Interest (US$ million) x Cost of Debt (US$) Sept/ LTM 3T14 Gross Debt Net Debt Interest Reduction Free Cash Flow Increase Cost of Debt Reduction This dynamics creates a virtuous cycle
22 Debt Profile Early redemption bond 2019 Average Term: 55 months Average Cost: 3.7% p.y. Debt Amortization Schedule at Sep/2014 (R$ Million) (revolver) (cash) 49 6 Liquidity Pre-payment BNDES ECN ACC/ACE Voto IV Bonds Cost of Debt Foreign Currency (% p.a.) Debt by Currency 7% 4.5% 4.0% 93% Sep/13 Sep/14 Local Currency Foreign Currency 22
23 Net Result (R$ million) 3Q (51) FX Debt MtM Debt hedge (799) 13 (91) Current 92 (359) (475) 339 Differed Adjusted EBITDA Non-recurring effects/ non-cash EBITDA FX Debt / MtM hedge MtM operational hedge Net interest Deprec., amortiz. and depletion Taxes (1) Other Net Profit (Loss) (1) Includes other exchange rate/monetary variations and other financial income/expenses. 23
24 Investor Relations Phone: Website:
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